SEE - Sealed Air surges after lifting guidance despite rising costs

Sealed Air ([[SEE]] +3.9%) soars to a new all-time high, gaining 13.5% over the past two days after reporting stronger than expected Q1 earnings and raising full-year guidance despite a historic surge in U.S. resin prices, followed by an upgrade at J.P. Morgan.Sealed Air now sees FY 2021 EPS of $3.40-3.55 vs. its previous guidance of $3.25-$3.40 and above $3.38 analyst consensus estimate, on revenues of $5.25B-$5.35B vs. prior guidance of $5.1B-$5.2B and above $5.18B consensus.In its upgrade to Overweight from Neutral with a $63 price target, J.P. Morgan's Jeffrey Zekauskas notes Sealed Air was able to improve Q1 EBITDA Y/Y despite sharp raw material price increases stemming from higher resin values."Raw material prices are likely to continue to rise through the June quarter, but Sealed Air's product prices should begin to lift at a more rapid rate leading to diminished raw material price/cost pressure" in H2 2021, Zekauskas writes."With

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Sealed Air surges after lifting guidance despite rising costs